The drilling contractor is waiting for cement in order to set a plug from 81 metres to 68 metres before drilling ahead.
Banjo-1 will test oil migration and trapping in a newly identified sub-basin and anticlinal structure. This stratigraphic core hole is being drilled to provide stratigraphic and reservoir information regarding the Cunninghame Greensand and the underlying Colquhoun Gravel at this location if they are present, according to operator Lakes Oil.
“It will test the competency of a large anticlinal structure which runs roughly east-west broadside to the coast,” Lakes said.
“It will also test the extent of hydrocarbon migration from the spilling, offshore fields, up-dip towards this onshore portion of eastern Gippsland Basin.”
Gippsland Offshore Petroleum Limited has farmed into the well and is committed to paying up to $400,000.00 of a two-well program in the Marlo Block in PEP 155 to earn a 51% interest.
Participating interest in the designated area after the farm-in is completed will be: Lakes Oil NL 46% (operator), Gippsland Offshore Petroleum Ltd 51% and Rilo Explorations Pty Ltd 3% (a wholly owned subsidiary of Stellar Resources Limited).
